Cryptocurrencies Archives | Page 95 of 176

UAE bank launches cryptocurrency trading

Dubai’s government-owned bank Emirates NBD has entered the cryptocurrency market through its digital banking arm, Liv. The bank has launched cryptocurrency trading services on its Liv X app, allowing users to buy, hold, and sell digital assets. The feature, introduced on 5 March, is powered by Aquanow, a licensed crypto asset service provider. At launch, the platform supports Bitcoin, Ethereum, Solana, XRP, and Cardano, with secure custody managed by Zodia Custody, a regulated crypto custodian which received strategic investment from Emirates NBD.

The UAE continues to emerge as a key player in global cryptocurrency adoption, supported by progressive regulations and rising interest from both institutions and retail investors. A survey found that one in ten UAE residents has invested in digital currencies, with Emiratis showing the highest level of interest. Between July 2023 and June 2024, the country received over $30 billion in cryptocurrency transactions, ranking it among the top 40 nations globally and the third-largest crypto economy in the MENA region.

Beyond cryptocurrency, Liv offers a range of digital banking products, including investment accounts, cashback rewards, and goal-based savings tools. Meanwhile, calls for a unified cryptocurrency regulatory framework in the Gulf are gaining momentum. Saudi economist Ihsan Buhulaiga has urged GCC nations to collaborate on crypto regulations, recognising the growing use of digital assets for payments. With the UAE already positioning itself as a haven for crypto businesses, the region is set to play a leading role in the future of digital finance.

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Trump orders creation of Strategic Bitcoin Reserve

President Trump has signed an executive order to establish a Strategic Bitcoin Reserve, aiming to safeguard seized Bitcoin as a national asset.

The reserve will be funded solely through Bitcoin obtained via asset forfeiture, ensuring no financial burden on taxpayers. White House AI and Crypto Czar David Sacks estimated that the government holds around 200,000 BTC, though an official audit is yet to be conducted.

The order mandates a full inventory of the government’s digital assets and bans the sale of Bitcoin from the reserve, likening it to a ‘digital Fort Knox’.

A separate Digital Asset Stockpile will be created to store non-Bitcoin cryptocurrencies seized in legal actions, but the government will not purchase additional crypto beyond this method.

Trump’s administration has also tasked the Treasury and Commerce Departments with exploring ways to expand the Bitcoin reserve without any extra cost to taxpayers.

Sacks criticised previous government Bitcoin sales, stating they cost the country over $17 billion in lost value. By halting these sell-offs, the new policy could reduce Bitcoin’s circulating supply, potentially reinforcing its status as a strategic asset similar to gold.

While the market has yet to react, the move signals a long-term shift in US crypto policy, supporting Trump’s vision of making the country the global leader in digital assets.

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Singapore minister warns against crypto investments amid rising fraud

Singapore’s Minister of State for Home Affairs, Sun Xueling, has issued a strong warning about the risks of investing in cryptocurrency, citing an alarming rise in fraud cases.

During a parliamentary debate on 4 March, she explained that the anonymous nature of digital assets makes them easy targets for criminals, contributing to a sharp increase in financial losses. Fraud linked to cryptocurrency scams now accounts for a quarter of the $1.1 billion in fraud cases reported in the country.

Scammers increasingly use digital assets to evade traditional banking security checks, often instructing victims to convert their money into cryptocurrency.

Hacking, phishing, and fraudulent investment schemes have become more common, with one of the largest scams last year resulting in a loss of $125 million. Sun urged the public to avoid cryptocurrencies, stressing the high risk and slim chances of recovering stolen funds.

Despite the rise in scams, Singapore’s regulatory landscape continues to evolve. The Monetary Authority of Singapore oversees local cryptocurrency operations under the Payment Services Act, but many foreign exchanges remain outside its jurisdiction.

To combat rising fraud, the country recently passed the Anti-Fraud Protection Bill, which allows authorities to block transactions from suspected victims who ignore warnings.

As Singapore balances crypto adoption and consumer protection, businesses are increasingly embracing digital payments, particularly stablecoins. The entry of major players, such as Robinhood, into Singapore’s crypto market is set to boost the adoption of blockchain-based transactions.

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Cryptocurrency adoption surges with over 824 million people owning digital assets

A new report from venture capital firm Epoch reveals that over 824 million people globally now own some form of cryptocurrency, marking a significant surge in adoption.

Rapid growth is largely fuelled by strong price performance, increasing institutional interest, and the rise of accessible investment options such as Bitcoin ETFs. Bitcoin continues to lead the charge, with an estimated 422 to 455 million owners, or roughly 5% of the world’s population.

While cryptocurrency ownership has traditionally been dominated by younger men, the study notes a shift in demographics, with more women now entering the space.

Approximately 13% of women aged 26 to 45 report owning Bitcoin, a figure influenced by ‘ownership by association’ through spouses or partners. The shift highlights the growing legitimacy and accessibility of digital assets, especially with traditional financial institutions backing crypto ETFs.

Institutional and corporate investments are further accelerating crypto adoption. The launch of Bitcoin ETFs has provided a regulated pathway for large investors, while corporations like Microsoft and Amazon are exploring Bitcoin as a reserve asset.

The report predicts that if the top ten US companies allocated just 5% of their cash reserves to Bitcoin, it would result in a $40 billion inflow into the market.

Looking ahead, the study suggests that nation-states are also considering Bitcoin as part of their reserves. With Bitcoin’s unique characteristics, such as liquidity, scarcity, and independent custody, it could potentially surpass gold as a sovereign reserve asset in the coming decade.

The continued growth in adoption signals a promising future for cryptocurrencies, bolstered by increasing awareness and new use cases.

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New Hampshire moves closer to allowing Bitcoin investments

New Hampshire’s Bitcoin bill has cleared a major hurdle, passing the House Commerce and Consumer Affairs Committee with a 16-1 vote. The bill now moves to the House floor, where lawmakers will decide whether to allow the state treasurer to invest up to 5% of certain state funds in Bitcoin. While the bill does not mention Bitcoin by name, it limits investments to digital assets with a $500 billion market cap, making Bitcoin the only eligible cryptocurrency.

Introduced by Republican Keith Ammon and co-sponsored by Democrats Chris McAleer and Carry Spier, the bill originally proposed a 10% allocation but was later amended to 5%. It also permits investments in gold, silver, and platinum while removing provisions for stablecoins and staking. Treasurer Monica Mezzapelle has expressed interest in using the bill’s framework if it becomes law.

New Hampshire joins several US states, including North Carolina, Oklahoma, and Texas, in advancing Bitcoin-related legislation. Meanwhile, at the federal level, former President Donald Trump has proposed a Crypto Strategic Reserve, which is expected to be composed primarily of Bitcoin.

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Russia considers crypto trading trial for elite investors

Russia is considering an experimental cryptocurrency trading programme for top-tier investors, requiring a minimum holding of 24 million roubles ($250,000).

The Ministry of Finance and the Bank of Russia are leading discussions on the initiative, which aims to establish a regulated space for crypto trading.

Whilst the project remains in its early stages, it would allow professional investors to engage in the market under government supervision.

Currently, Russians can own crypto but cannot use it as legal tender, and there is no centralised exchange for digital assets in the country, forcing traders to rely on foreign platforms.

Despite the ban on domestic exchanges, Garantex, a Russian-based platform sanctioned by the US and the EU, remains operational.

The exchange, headquartered in Moscow, enables rouble transactions through major Russian banks, raising concerns over regulatory oversight and enforcement.

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Vietnam moves to regulate crypto with new legal framework

Vietnam’s Ministry of Finance is set to introduce a legal framework for digital assets and cryptocurrencies, with plans to launch a state-licensed digital currency exchange.

Deputy Minister Nguyen Duc Chi confirmed the initiative, highlighting the government’s goal to bring oversight and legal protections to the growing sector.

The move follows Prime Minister Pham Minh Chinh’s call for clear regulations to manage digital assets. The Ministry of Finance and the State Bank of Vietnam are working on rules to ensure investor safety whilst fostering innovation.

The proposed exchange would allow individuals and businesses to trade digital assets under state supervision, whilst companies may soon be permitted to issue virtual assets for financial mobilisation.

Vietnam lacks formal legal definitions for digital assets, pushing many blockchain firms to register abroad. The absence of clear rules has led to lost tax revenue and limited domestic oversight.

However, with Vietnam ranking among the world’s top three countries for digital asset ownership, seeing $120 billion in inflows in 2023, the government aims to regulate and harness the sector’s potential.

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Belarus eyes crypto mining to use surplus energy

Belarusian President Aleksandr Lukashenko has urged officials to strengthen the country’s energy infrastructure and consider cryptocurrency mining to utilise surplus electricity.

Addressing newly appointed Energy Minister Aleksei Kushnarenko, he highlighted the need to upgrade 5,700km of power networks essential for homes and electric vehicles. While high-voltage systems are stable, weaker areas require reinforcement to prevent outages like those in the Gomel Region.

Belarus has been exploring crypto mining for years, with Energy Minister Viktor Karankevich confirming in 2021 that a feasibility study was conducted.

Lukashenko wants to accelerate these efforts, citing global demand for digital assets and the country’s potential to attract investors or establish state-backed mining operations. Officials have been given responsibility for streamlining regulations and presenting concrete plans.

Alongside crypto mining, Lukashenko promotes increased electricity use for heating and hot water, supported by plans for a second nuclear power plant.

He sees this as a long-term strategy to ensure energy reliability and economic growth, positioning Belarus as a key player in the digital asset space and sustainable energy development.

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El Salvador faces new IMF restrictions on Bitcoin transactions

The International Monetary Fund (IMF) has urged El Salvador to stop public-sector Bitcoin purchases as part of its $1.4 billion funding deal with the country. In newly issued documents, the IMF stressed that the government should not voluntarily accumulate Bitcoin or issue any debt instruments tied to it.

Méndez Bertolo, the IMF’s executive director for El Salvador, stated that the fund aims to improve governance, transparency, and economic resilience while mitigating Bitcoin-related risks.

Recent amendments to the Bitcoin Law have clarified Bitcoin’s legal nature, ensuring that its acceptance remains voluntary and that tax payments continue in US dollars. The public sector’s role in Bitcoin adoption has also been scaled back.

The IMF reaffirmed its stance that El Salvador’s Bitcoin engagement should remain limited, in line with international financial policies.

The government has committed to enhancing regulation and supervision of digital assets, aligning with evolving global standards. Despite these restrictions, President Nayib Bukele has continued to acquire Bitcoin, with the country’s holdings now reaching 6,100 BTC.

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CoinDCX to manage seized crypto assets for India’s enforcement directorate

India’s Enforcement Directorate (ED) has chosen CoinDCX to manage and store seized digital assets as part of a crackdown on cryptocurrency-related financial crimes.

The partnership follows high-profile fraud cases like GainBitcoin and BitConnect, which have raised concerns over investor protection. CoinDCX will offer secure custody services to safeguard these assets, implementing advanced security protocols to ensure their integrity.

In a recent case, the ED seized digital assets worth approximately $198 million linked to the BitConnect scam, which defrauded investors worldwide.

Earlier, the Central Bureau of Investigation (CBI) had seized $2.88 million in the GainBitcoin scam, uncovering evidence of financial misappropriation and cross-border transactions. These actions highlight the increasing efforts by authorities to tackle large-scale cryptocurrency fraud.

As cryptocurrency adoption rises in India, regulatory bodies are focusing on stronger enforcement to protect investors from fraudulent schemes.

The collaboration with CoinDCX is part of a broader strategy to ensure transparency in the handling of seized funds and to maintain the integrity of ongoing investigations.

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